According to TeamStage, 85% of managers focused more on diversity in 2024 than ever before—which is no surprise. Data has shown for years now that diverse teams bring better results, generate more profit, and reach larger pools of customers. More than that, Zoomers, the most diverse generation yet, are on their way to becoming the third most active group of workers, shifting the way we view otherness in the workplace. None of this is news to anybody, but what IS new is the approach we want to look at: real inclusion rather than checking numbers.
Janet Stovall, a writer, global speaker, and consultant, explained that “diversity is a numbers game” while “inclusion is about impact. Companies may mandate diversity, but they have to cultivate inclusion.” With this quote in mind, let’s dig into it.
What is diversity in the workplace?
Say you’re having a drink at an open-space café at the mall. You’re not checking your phone, but instead, looking around at the people walking by, going about their day. Chances are, you will notice they look and sound different, not only to you but to each other. That is true whether we’re talking about more obvious differences such as age, race, and sometimes gender or less obvious ones, like religion, sexual identity, and cultural background.
Of course, that depends on where you are in the world, but our increasingly global societies will have you encounter some level of diversity in most places. Now, think of it this way: diversity in the workplace should at least reflect that which we see around us in our daily lives. As an example, we typically bond with colleagues who are similar to us but often learn the most from those who are different. This is but one of the many benefits of diversity in the workplace. Let’s explore a few others.
The benefits of inclusion, equity & diversity
- The dreamwork in teamwork
The idea of working in a team is not exactly known for being easy. The members must develop strong communication skills, build trust, and learn collaboration to a tee, all of which are difficult enough. You could argue that a team comprised of people from various backgrounds and lifestyles would have an even harder time pulling that off. However, research on the topic seems to suggest otherwise.
According to Gitnux, diverse teams show more efficient decision-making, registering an 11% higher growth for their companies. The more variety there is in the work environment, the better employees appear to perform. Some of them even find diversity and inclusion in the workplace essential to their own well-being—which brings us to the next point.
- Bigger pool of workers, better professionals
We witnessed remote work taking over and presenting us with opportunities we only dreamed of. Unconventional paths like digital nomadism and freelancing became commonplace, especially for those in the tech industry. That’s the employee’s side of things. For employers, being able to hire people from anywhere in the world meant access to a never-before-seen talent pool, with seemingly one big challenge: cultural diversity in the workplace.
For those companies that champion diversity of not only culture but also gender, race, religion, and more, the results could hardly be better. According to TeamStage, businesses that are open to inclusion have a staggering 120% higher chance of accomplishing financial goals. This is a clear indication that diversity is not just a moral imperative, but a smart business strategy that can significantly boost your bottom line. Also, Gen Z, the newest generation to enter the workforce—and one to look forward to in the future—is 40% comprised of racial or ethnic minorities, as per BuiltIn. The skills all these people bring to the table are not to be missed.
- Reaching every customer
Remember how we pointed out that the workplace should reflect the diversity we see in the world? While that is nice on its own, it comes with a business-savvy advantage: reaching that world and all its potential.
Fundera noted that diverse teams are 70% more likely to capture new markets, which is only natural. When we see ourselves, our values, and even our identities reflected in a product, we are more inclined to trust, buy, and consume it. Thus, when a company diversifies its team and broadens its perspective, the sky becomes the limit.
These are but three examples of the wide range of benefits diversity can bring. But how do you promote diversity and inclusion in the workplace? How do you implement the DEI initiatives you keep hearing about? Where do you even start? Here’s some advice on just that.
Diversify your workplace – 4 tips for every company
- Adjust your hiring process
According to Fundera, men are twice as likely to get hired, even by women. Also, white candidates are known to receive twice as many callbacks compared to black candidates. While it may not be anyone’s intention for that to happen, these statistics are proof enough that mere determination will not cut it. Instead, implementing anonymous resume reviews and diversifying the recruitment team will make a real difference.
- Offer diversity training
You checked the numbers, and now it’s time to focus on the real challenge: inclusion. Offer your employees training and affirmative action programs that will familiarize them with diversity, as well as help them integrate and be integrated. Leadership training programs are another great way to foster inclusion, all while ensuring long-term success. Thomas Griffin found actual proof of that: “Companies with high-performing leadership benches have 22% more women leaders and 36% greater background diversity than companies with low-performing benches”.
- Promptly promote an environment where everyone feels valued
Easier said than done, but not impossible by any means. Use team building activities to encourage communication, collaboration, and allyship, as well as address discrimination urgently, should it ever happen. Talk to your employees and find ways to make the workplace more accessible and friendly to them. While tedious at first, this effort will ultimately prove invaluable—particularly in reducing turnover rates.
- Use DEI metrics and KPIs
Tracking progress is essential in every aspect, and things like diversity, equity, and inclusion in the workplace are no exception. Look at employee hiring, retention, and representation regularly to ensure that the measures you’ve been taking are working. You might not see an immediate change, but in time, you’ll witness palpable improvements.
Summing up
Like every important thing, championing diversity and inclusion is challenging and time-consuming, often providing long-term rather than on-the-spot results. But if you’re leaving this with only one takeaway, let that be this: making your business diverse and inclusive could be the key to becoming the well-rounded success story you read about in your favorite magazine.
